UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended December 31, 1998
Commission File Number 0-21369
VITECH AMERICA, INC
(Exact name of registrant as specified in its charter)
FLORIDA 65 041 9086
(State of incorporation) (I.R.S. Employer ID No.)
8807 Northwest 23rd Street
Miami, Florida 33172-2419
(Address of principal executive offices, zip code)
(305) 477-1161
(Registrant's telephone number, including area code)
Securities Registered Pursuant to Section 12(b) of the Act:
None
Securities Registered Pursuant to Section 12(g) of the Act:
Common Stock, No Par Value
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes _X_ No ___
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of the registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. _X_
The aggregate market value of the voting stock held by non-affiliates
of the registrant as of March 31, 1999 was approximately $25 million.
As of March 31, 1999 there were 14,635,655 shares of the Common Stock
of the Company, no par value, outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Specifically identified portions of the Company's Proxy Statement to be
filed for the registrant's 1998 Annual Meeting of Shareholders are incorporated
by reference into Part III of this report.
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<PAGE>
This Amended Form 10-K is being filed as a result of certain typographical
errors contained in the Statement of Cash Flows of the Vitech America, Inc. (the
"Company") Financial Statements for the year ended December 31, 1998.
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<PAGE>
(To be substituted for page 34 of the Company's Annual Report on Form 10-K
for the year ended December 31, 1998.)
<TABLE>
<CAPTION>
VITECH AMERICA, INC.
Statement of Cash Flows
Year Ended
December 31,
---------------------------------------------------
1998 1997 1996
---------------- ---------------- ---------------
<S> <C> <C> <C>
Cash flows from operating activities
Net income $ 17,862,012 $ 12,792,261 $ 8,230,588
Adjustments to reconcile net income to net cash provided (used)
in
operating activities
Depreciation 2,662,489 1,184,707 263,800
Amortization of goodwill 924,949 321,369 -
Minority interest (713,166) 107,084 -
Other financing expenses 1,079,609
Provision for doubtful accounts 3,314,367 286,276 563,434
Provision for inventory obsolescence 913,546 - 181,566
Changes in assets and liabilities
Accounts receivable (39,980,910) (22,137,077) (15,164,106)
Inventories (6,918,044) (12,259,189) (5,997,069)
Deferred tax asset 669,000 (398,995) 102,530
Other assets (6,097,756) (4,855,932) (204,793)
Trade accounts payable 21,266,311 1,858,457 (4,484,367)
Accrued expenses 1,679,460 502,512 231,565
Due to/from officers 370,623 (298,411) (196,645)
Income and sales taxes payable 3,315,737 (1,333,389) 976,073
--------------- --------------- --------------
Net cash provided (used) in operating activities 348,227 (24,230,327) (15,497,424)
--------------- --------------- --------------
Cash flows from investing activities
Purchases of property and equipment (7,266,677) (6,597,303) (2,968,921)
Payment for business acquisitions, net of cash acquired (3,810,166) (10,376,969) -
Other investments (66,802) (398,440) (178,192)
--------------- --------------- --------------
Net cash (used) in investing activities (11,143,645) (17,372,712) (3,147,113)
--------------- --------------- --------------
Cash flows from financing activities
Deferred financing expense (1,804,204) (637,609) -
Net proceeds under short-term bank borrowings 6,848,617 13,443,649 (1,870,567)
Net payments of taxes payable (163,077) (230,236) -
Proceeds from notes payable - related party 6,700,000 5,000,000 5,000,000
Repayment of notes payable - related party - (10,000,000) (1,911,917)
Proceeds from convertible note - related party - 20,000,000 -
Proceeds from convertible notes - 38,608,250 -
Repayments of convertible notes (11,173,215)
Payment of note payable for business acquisition (2,231,250) (3,718,750) -
Proceeds from issuance of senior debentures - - 1,365,000
Repayment of senior debentures - - (1,365,000)
Proceeds from notes payable - 768,225 1,191,564
Repayment of notes payable (1,236,975) (886,549) (20,242)
Net proceeds from sale of common stock 370,075 202,960 17,897,505
--------------- --------------- --------------
Net cash provided (used) by financing activities (2,690,029) 62,549,940 20,286,343
--------------- --------------- --------------
Foreign exchange effect on cash and cash equivalents (1,500,000) - -
--------------- --------------- --------------
Net increase (decrease) in cash and cash equivalents (14,985,447) 20,946,901 1,641,806
Cash and cash equivalents - beginning of year 22,704,632 1,757,731 115,925
--------------- --------------- --------------
Cash and cash equivalents - end of year $ 7,719,185 $ 22,704,632 $ 1,757,731
--------------- --------------- --------------
</TABLE>
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<PAGE>
VITECH AMERICA, INC.
Statement of Cash Flows (continued)
<TABLE>
<CAPTION>
Year Ended
December 31,
---------------------------------------------------
1998 1997 1996
---------------- ---------------- ---------------
<S> <C> <C> <C>
Supplemental disclosure of cash flow information
Cash paid during the year for
Interest and discount on sale of receivables $ 12,504,000 $ 6,836,325 $ 2,896,284
---------------- ---------------- ---------------
Income taxes $ 351,552 $ 565,446 $ 852,119
---------------- ---------------- ---------------
Supplemental schedule of non-cash investing and financing activities
Conversion of note payable to 652,641 shares of common stock $ - $ - $ 2,000,000
---------------- ---------------- ---------------
Conversion of notes payable to 2,430,316 shares of common stock $ 34,154,500 $ - $ -
---------------- ---------------- ---------------
Property and asset received in exchange for outstanding accounts
receivable $ - $ - $ 1,517,257
---------------- ---------------- ---------------
Investment in property and equipment through financing
agreements $ 2,122,330 $ 871,503 $ -
---------------- ---------------- ---------------
Issuance of common stock and a note payable for the
acquisitions $ - $ 11,029,985 $ -
of subsidiaries ---------------- ---------------- ---------------
</TABLE>
See notes to financial statements
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<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Vitech America, Inc.
By: /s/ Georges C. St. Laurent III
----------------------------------------
Georges C. St. Laurent
Chairman of the Board and
Chief Executive Officer
Date: April 16, 1999
Pursuant to the requirements of the Securities Exchange Act of 1934,
this Report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated.
<TABLE>
<CAPTION>
Signature Title Date
--------- ----- ----
<S> <C> <C>
/s/ Georges C. St. Laurent III Chairman of the Board of Directors April 16, 1999
- ------------------------------------------- and Chief Executive Officer (Principal
Georges C. St. Laurent, III Executive Officer)
/s/ William St. Laurent President, Chief Operating Officer and April 16, 1999
- ------------------------------------------- Director
William St. Laurent
/s/ Edward A. Kelly Chief Financial Officer April 16, 1999
- ------------------------------------------- (Principal Accounting Officer)
Edward A. Kelly
/s/ Joseph K. Meyer April 16, 1999
- -------------------------------------------
Joseph K. Meyer Director
/s/ H.R. Shepherd April 16, 1999
- -------------------------------------------
H.R. Shepherd Director
/s/ Touma M. Elias April 16, 1999
- -------------------------------------------
Touma M. Elias Director
- -------------------------------------------
Robin Blackhurst Director
</TABLE>
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